HVB Group – Interim Report at 30 September 2015

Dr Theodor Weimer, Board Spokesman of HypoVereinsbank

Francesco Giordano, Chief Financial Officer of HypoVereinsbank

Munich, 12 November 2015

Photo source: HVB Immobilien AG / Philipp Geist / HG Esch

Net operating profit 16.1 percent above last year

Both business segments with significant growth in strategic customer segments

Operating income 5.5 percent above last year:stable net interest, fees and commissions; strong net trading income

Highlights of the first nine months 2015

Costs stable on previous year's level despite investments in growth areas

Strategy takes effect: healthy growth of business with corporate customers and PrivateBanking & Wealth Management; modernisation of retail banking yields positive results

Continuation of growth strategy:Additional measures to boost efficiency of administration units by 2018

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1-9/2014 vs. 1-9/2015

HVB Group, in € millions

Operatingincome

+ 5.5%

3,331

3,514

1-9/2014 1-9/2015

Consolidated profit higher than last year,driven by strong operating performance

Net operatingprofit1

Consolidatedprofit2

1 After net-write downs of loans2 From continuing operations

438

461

1-9/2014 1-9/2015

+ 16.1%

+ 5.3%

635

737

1-9/2014 1-9/2015

3

Loans to customers

HVB Group, in € billions

109.6111.9

Deposits from customers

100.7105.6

+ 2.1%

+ 4.9%

Operating performance supported by healthy rise in loans anddeposits volumes

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31.12.2014 30.09.2015 31.12.2014 30.09.2015

CommercialBanking

Strong growth with corporatecustomers and Private Banking& Wealth Management, amongothers driven by net fees andcommissions

Net interest above previousyear despite historically low

Operating income

1,8471,900

1-9/2014 1-9/2015

+ 2.9%

Both business segments report healthy income growth

HVB Group, in € millions

5

Corporate &Investment

Banking

interest rates

Solid result in net interestand net fees andcommissions

Strong performance in nettrading income

1-9/2014 1-9/2015

1,362

1,509

1-9/2014 1-9/2015

+ 10.8%

820 805

346

492

ProvisionsüberschussZinsüberschussHVB Group, in € millions

Net interest Net trading incomeNet fees and commissions

1,988 1,964

- 1.2%

+ 42.2%

- 1.8%

Solid net interest, fees and commissions;strong growth in net trading income

1-9/2014 1-9/2015 1-9/2014 1-9/2015

Good level of last year almost matched

Net fees and commissions frommanagement, brokerage and advisoryservices above last year

1-9/2014 1-9/2015

Stable net interest despite persistentlyvery low interest rate level

Healthy rise in Commercial Banking

Corporate & Investment Banking stable atprevious year's level

Decline in "Other/consolidation" due tolower yields in period of low interest rates

Strong increase in net trading incomeversus previous year

Higher earnings from currency trading

Stable business with equity derivatives

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Operating costs

HVB Group, in € millions

Main developments

+ 0.3%

2,701 2,710

Costs at previous year's level despite higher

marketing expenses and investments in

digitalisation and regulatory topics

Initial positive cost effects from strategic

repositioning of retail banking

Costs at previous year's level thanks to consistent costmanagement

1-9/2014 1-9/2015

repositioning of retail banking

Payroll costs in 2015 already reduced by

7.5%, rental costs by around 20%

Full effect in 2016 and thereafter

Higher investments in IT, partly due to

increased regulatory requirements and greater

digitalisation

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Net write-downs of loans Main developments

Net write-downs of loans still at a very low level

Slight increase of CoR1 versus previous year,

yet still at very low level of 8 bps

Driven by the market environment together with

Net write-downs of loans still at a very low level

HVB Group, in € millions

Costof risk1

(bps)

-1 8

67

Driven by the market environment together with

the Bank's strict risk policy and hence a very

positive portfolio selection

-5

1-9/2014 1-9/2015

81 Definition: Ratio of net write-downs of loans to average loans to customers

1,847

1,900

1-9/2014

1-9/2015

Commercial Banking business segment

Highlights of the first nine months 2015

Higher net interest despite very low interest rates

Strong new business with real estate finance;revived loan demand from corporate customers

Income growth versus previous year; but noticeable burdenfrom EU bank levy

Operating income

in € millions

312

299

1-9/2014

1-9/2015

9

revived loan demand from corporate customers

Profit before tax

in € millions

Modernisation of retail banking completedby end of 2015 as planned:

> €300 million invested in modernisation of 341 branches

Digital sales channels expanded with over 35 innovations

Cost-cutting measures take effect: payroll cost down 7.5%,rental costs for branches down around 20%

Higher financial assets from customers

Significant increase of customer satisfaction in core segment

Corporate & Investment Banking business segment

Operating income

in € millions

1,362

1,509

1-9/2014

1-9/2015

Stable performance in net interest andnet fees and commissions

Sharp rise of 10.8% in operating income,mainly driven by net trading income

Highlights of the first nine months 2015

Profit before tax

in € millions

349

353

1-9/2014

1-9/2015

Solid result slightly above previous year's level

Decline in operating costs

Cost of risk of 4 bps still at a very low level

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CET1 ratio1 Leverage ratio2

Basel III("phase-in")

Basel III("fully loaded")

Basel III("phase-in")

Basel III("fully loaded")

Excellent capital base ensures reliability and security for customers

22.1%23.8%

21.7%23.6%

6.1% 6.0% 6.0% 6.0%

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At 30 September 2015, the liquidity coverage ratio was well above the minimum requirement of 60% demandedfor the first time as per 1 October 2015

1 Figures for 31/12/2014 after profit appropriation2 Definition: ratio of core capital and total risk position metric, which is the aggregate of the risk position figures for all assets and off-balance-sheet items

31.12.2014 30.09.2015 31.12.2014 30.09.2015 31.12.2014 30.09.2015 31.12.2014 30.09.2015

Business segments Administration functions

HVB Group reaffirms growth strategy and adopts further measuresto boost efficiency

Growth and increase of market share in

Private Banking & WealthManagement

Unternehmer Bank

Corporate & Investment Bank

Systematic digitalisation of processes andstructures

Streamlined product range

Reduction of 1,200 workplaces in HVB backoffice functions and subsidiaries by the end

Systematic continuation of turnaround inretail banking

Digital transformation of all bank processes

office functions and subsidiaries by the endof 2018

In parallel reduction of 800 positions fromalready running programmes

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Aspiration Targets for 2018

Overview of HVB Group aspiration and targets for 2018

To match capital market expectations

Significant contribution to the profits of

UniCredit

Cost-income ratio

(CIR)1 ≤ 65%

Return on allocated capital

(RoAC, after tax)1 > 9%UniCredit

Return on capital higher than cost of capital

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(RoAC, after tax)1 > 9%

FTE reduction ~ 2,000

1 Targets are determined using the same UniCredit methodology as for the multi-year plan (UCI view). Achieving them will depend on the future situation on thefinancial markets and the development of the real economy

Summary

Good result in the first nine months of 2015

Strategic measures taking effect

Strategy reaffirmed; initiated growth path will be continued

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Additional measures to boost efficiency of administrative units

Annex

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HVB Group, in € billions

Total risk-weighted assets (Basel III)

Operational risk

Market risk

85.8 85.981.3

79.8

Decline in RWA in the first nine months driven by reduction incredit risk and market risk

61.9 61.9

12.8 12.912.2 11.1

11.0 11.111.1 11.1

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Credit risk

Risk-weighted assets from credit risk down by €4.3 billion due to netting of deferred tax assets and liabilities and specification

of risk weightings for assets to cover pension obligations by the EBA

Risk-weighted assets from market risk down by €1.7 billion mainly due to a decline on part of the internal market risk model

Risk-weighted assets from operational risk up a marginal €0.1 billion

61.9 61.9 58.0 57.6

31.12.2014 31.03.2015 30.06.2015 30.09.2015

HVB Group: Income statement

Income Statement

€ millions € millions %

■ Net interest 1.964 1.988 (24) (1,2)

■ Dividends and other income from equity investments 61 74 (13) (17,6)

■ Net fees and commissions 805 820 (15) (1,8)

■ Net trading income 492 346 + 146 + 42,2

■ Net other expenses/income 192 103 + 89 + 86,4

Operating income 3.514 3.331 + 183 + 5,5

■ Operating costs (2.710) (2.701) (9) + 0,3

Operating profit 804 630 + 174 + 27,6

■ Net write-downs of loans (67) 5 (72)

Net operating profit 737 635 + 102 + 16,1

1-9/2015 1-9/2014Change

Net operating profit 737 635 + 102 + 16,1

■ Provisions for risks and charges (103) 5 (108)

■ Restructuring costs 0 0 0 0,0

■ Net income from investments 63 88 (25) (28,4)

Profit before tax 697 728 (31) (4,3)

■ Income tax for the period (236) (290) + 54 (18,6)

Consolidated profit from continuing operations 461 438 + 23 + 5,3

Profit before tax from discontinued operations 0 19 (19) (100,0)

Income tax from discontinued operations 0 (9) + 9 (100,0)

Profit after tax from discontinued operations 0 10 (10) (100,0)

Consolidated profit of full HVB Group 461 448 + 13 + 2,9

attributable to the shareholder of UniCredit Bank AG 454 442 + 12 + 2,7

attributable to minorities 7 6 + 1 + 16,7

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Operating business segments: Income statement

HVB Group

€ millions 1-9/2015 1-9/2014 € millions % 1-9/2015 1-9/2014 € millions %

■ Net interest 1.207 1.198 + 9 + 0,8 780 783 (3) (0,4)

■ Dividends 43 6 + 37 >+100.0 15 66 (51) (77,3)

■ Net fees and commissions 596 618 (22) (3,6) 217 213 + 4 + 1,9

■ Net trading income 58 13 + 45 >+100.0 432 322 + 110 + 34,2

■ Net other expenses/income (4) 12 (16) 65 (22) + 87

Operating income 1.900 1.847 + 53 + 2,9 1.509 1.362 + 147 + 10,8

■ Payroll costs (547) (547) 0 0,0 (372) (362) (10) + 2,8

Commercial Banking Corporate & Investment Banking

vs 1-9/2014 vs 1-9/2014

■ Other administrative expenses (949) (924) (25) + 2,7 (688) (670) (18) + 2,7

■ Amortisation and depreciation (8) (8) 0 0,0 (53) (88) + 35 (39,8)

■ Operating costs (1.504) (1.479) (25) + 1,7 (1.113) (1.120) + 7 (0,6)

Operating profit 396 368 + 28 + 7,6 396 242 + 154 + 63,6

■ Net write-downs of loans (57) (47) (10) + 21,3 (11) 18 (29)

Net operating profit 339 321 + 18 + 5,6 385 260 + 125 + 48,1

■ Provisions for risks and charges (76) (14) (62) >+100,0 (33) 8 (41)

■ Restructuring costs 0 2 (2) + 100,0 0 0 0 0,0

■ Net income from investments 36 3 + 33 >+100.0 1 81 (80) (98,8)

Profit before tax 299 312 (13) (4,2) 353 349 + 4 + 1,1

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HVB Group: Quarterly performance

Income Statement

€ millions

■ Net interest 644 668 652 655 648

■ Dividends and other income from equity investments 48 7 6 18 25

■ Net fees and commissions 246 257 302 262 278

■ Net trading income 42 270 180 137 64

■ Net other expenses/income 106 65 21 199 26

Operating income 1.086 1.267 1.161 1.271 1.041

■ Operating costs (883) (910) (917) (858) (887)

Q3 2015 Q2 2015 Q1 2015 Q4 2014 Q3 2014

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Operating profit 203 357 244 413 154

■ Net write-downs of loans 43 (48) (62) (156) 95

Net operating profit 246 309 182 257 249

■ Provisions for risks and charges (44) (57) (2) 20 (34)

■ Restructuring costs 0 0 0 18 0

■ Net income from investments 5 41 17 60 14

Profit before tax 207 293 197 355 229

■ Income tax for the period (72) (98) (66) (8) (115)

Consolidated profit from continuing operations 135 195 131 347 114

Financial calendar and contacts

Contacts for the press

Marion NaglPhone +49 89 378-25554marion.nagl@unicredit.de

Margret RiedlspergerPhone +49 89 378-29319margret.riedlsperger@unicredit.de

Financial calendar

10 February 2016Annual Results at31 December 2015

11 May 2016Interim Report at31 March 2016

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31 March 2016

4 August 2016Interim Report at30 June 2016

11 November 2016Interim Report at30 September 2016

Disclaimer

This presentation contains forward-looking statements. Forward-looking statements are statements that arenot historical facts. They include statements about our beliefs and expectations, and the underlyingassumptions of UniCredit Bank AG. These statements are based on plans, estimates and projections ascurrently available to the management of UniCredit Bank AG. Consequently, forward-looking statements areonly applicable on the day on which they are made. We undertake no obligation to update such statementsin light of new information or future events. By their very nature, forward-looking statements involve risks anduncertainties. A number of important factors could cause actual results to differ materially from forward-looking statements. Such factors include conditions in the financial markets in Germany, Europe and theUnited States, the development of asset prices, potential defaults of borrowers or trading counterparties, andother changes – notably including significant political changes – that may materially alter the parametersunderlying our business activities. This presentation does not constitute any kind of recommendation orunderlying our business activities. This presentation does not constitute any kind of recommendation orinvestment advice.

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